The Globe and Mail reports in its Friday, Jan. 5, edition that RBC analyst Robert Kwan has reaffirmed his "outperform" recommendation for Brookfield Asset Management. The Globe's David Leeder writes that Mr. Kwan boosted his share target by $8 to $49 (all figures U.S.). Analysts on average target the shares at $38.49. Mr. Kwan says in a note: "While we think Element Fleet, Intact, and Definity Financial are the most defensive within our coverage, we think Brookfield Asset Management has certain defensive attributes. For example, we think Brookfield Asset's FRE is not as sensitive to a significant decline in public market valuation as investors might think as we estimate only about 25 per cent of its revenues are driven by public market valuations, with the remainder of its revenues largely driven off of a percentage of third party capital committed or outstanding and those values are not impacted by changes in public market valuations. Furthermore, certain Brookfield Asset funds have management fees that are received only when capital is deployed (not when capital is committed), so if it were to make (opportunistic) investments during a capital markets decline, this would help to incrementally increase revenues."